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Treasurer Loftis not satisfied with SCDOT explanation of financial issues during November 3 Budget and Control Board meeting

Treasurer Loftis not satisfied with SCDOT explanation of financial issues during November 3 Budget and Control Board meeting

Thursday, November 3, 2011

(Columbia, SC) – Earlier today, State Treasurer Curtis Loftis led questioning into the financial mismanagement and lack of transparency at the South Carolina Department of Transportation.

Treasurer Loftis requested DOT leaders come before the Budget and Control Board to explain how the cabinet level agency had a cash shortfall which resulted in contractors and vendors not getting paid on time in addition to the DOT needing a $52 million bailout from the federal government.

“The DOT has failed every test of accountability and transparency it has faced,” Treasurer Loftis said. “In today’s meeting, Secretary St.Onge admitted he does not know how much money his billion dollar agency owes.

“We must have greater transparency and accountability at the DOT and that starts with internal audits. Those audits must be given to a third party rather than agency management. I ask Senator Leatherman and Representative White and other legislative leaders to take action to cure DOT’s problems.

“The taxpayers deserve more from the DOT than a string of unpaid contractors, a prime account with less than $3.00 in it at one point and management which has refused to be transparent and accountable.”